InsureRight Platform Enhances Information Available to Underwriters at Point of Decision
DENVER, CO – September 11, 2018 – Valen Analytics®, an Insurity company, and provider of proprietary data, analytics and predictive modeling for P/C insurers, today announced that Pennsylvania Lumbermens Mutual Insurance Company (PLM) has implemented the company’s InsureRight® Platform for its commercial auto business, to provide additional information to underwriters at the point of decision.
“We set out to find a partner who would help us incorporate analytics into our underwriting process as a means to elevate the collaboration between our frontline underwriters and management team,” said Rich Hill, SVP of Underwriting & Loss Control for PLM. “We selected Valen as a company who understood that the implementation is an ongoing process, and that we needed a partner who would help us solve our unique challenges.”
PLM will utilize the Predict application of the InsureRight Platform, which empowers underwriters to make more informed decisions on risk selection and pricing by generating actionable insights. This significantly reduces time-to-quote on new and renewal policies, while also making it easier to align quotes to an insurer’s risk appetite.
“By using our platform, PLM empowers its underwriters to utilize quantifiable data from analytics in addition to their own scrutiny of subjective content to ultimately blend the art of underwriting with the science of analytics,” said Kirstin Marr, President of Valen Analytics. “Commercial auto insurers adopting this approach will out-perform a troubled market by using more sophisticated tools to achieve critical goals such as overall growth and loss-ratio improvement.”
Valen’s custom-built predictive model provides PLM the lightest IT solution on the market with an industry-leading data consortium of $67 billion in premium.
For more information, visit www.valen.com.
About Pennsylvania Lumbermens Mutual Insurance Company
Founded in the 1890’s, Pennsylvania Lumbermens Mutual Insurance Company (PLM) is America’s premier property and casualty insurance carrier serving the lumber and building materials industries. Today, PLM provides protection for some 6,000 businesses nationwide. Its primary lines include Property, General Liability, Inland Marine, Business Automobile, Commercial Excess Liability and Equipment Breakdown coverages – a mix that is designed to protect every aspect of one’s business. PLM is the recognized insurance leader by wood and lumber-related businesses and their insurance agents and brokers. For more information, visit http://www.plmins.com.
About Valen Analytics
Valen Analytics, an Insurity company, provides proprietary data, analytics and predictive modeling for property and casualty insurers. We work with insurers who are actively looking to utilize modern approaches to pricing, risk selection, claims triage, and premium fraud. Our customers are focused on increasing competitive pressures, fighting adverse selection with innovative solutions, and raising awareness for the impending “experience gap” with initiatives such as Insurance Careers Movement. Our customers span many lines of business including Homeowners, Personal Auto, Workers’ Compensation, Commercial Auto, Commercial Package, Commercial Property, and BOP. Learn more about Valen at www.valen.com.